Refers to the General Occurrence of an Event, Usually Expressed

question 4

Multiple Choice

refers to the general occurrence of an event, usually expressed in terms of percentage of some population.

• A)incidence
• B)Dependence
• C)prevalence
• D)none of these

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Definitions:

Quantity Demanded

The total amount of a commodity that consumers are willing to purchase at a specific price point, at a given time.

Perfectly Elastic

A situation in economics where a small change in price leads to an infinite change in quantity demanded or supplied.

Inelastic

Refers to a scenario where the supply or demand for a product or service shows little to no reaction to price fluctuations.

Supply Curve

A graphical representation of the relationship between the price of a good and the quantity of the good that suppliers are willing and able to sell, with price typically on the vertical axis and quantity on the horizontal axis.